Trump urges oil firms to invest $100bn in Venezuela, promises 'total safety'

Donald Trump told more than a dozen oil executives at a White House roundtable that they would have "total safety, total security" in Venezuela and urged them to invest $100bn in the country’s infrastructure. The meeting included leaders from Chevron, ExxonMobil and ConocoPhilips, the president said, and he doubled down on claims that Nicolás Maduro’s arrest presents an ‘‘unprecedented opportunity for extraction’’.

Many executives expressed support for the administration’s actions and hinted they stood ready to invest, though analysts have expressed skepticism. Trump said the money would come from the oil companies, not the federal government: "The plan is for them to spend, meaning our giant oil companies will be spending at least $100bn of their money, not the government’s money," and he added that companies would need "government protection and government security." He warned that if firms balked, "I got 25 people that aren’t here today that are willing to take your place." Executives made limited public comments.

Chevron vice-chair Mark Nelson said Chevron "has been a part of Venezuela’s past" and said the company currently had 3,000 employees across four joint ventures and could "increase our liftings ...

Key Topics

Politics, Donald Trump, Venezuela, Chevron, Exxonmobil, Conocophillips